“Wall Street Founder” Jordan Belfort admitted to losing his $300,000 crypto wallet to hackers. If this were not the case, he was planning to keep the two altcoin projects he had in mind for many years.
Jordan Belfort says he’s a victim of crypto hacking
Jordan Belfort, a former stockbroker, stressed the necessity of a regulatory framework in his latest statements. However, he admitted that he was the victim of a hacking attack. In a new interview on November 21, he shared that he lost his $300,000 investment in altcoins to hackers. Belfort says he now prefers only cold wallets over hot crypto wallets:
I don’t have any cryptocurrencies on exchanges. With Ledger, everything is in my cold wallet. By the way, I was hacked. I lost about $300,000 on MetaMask last year. This is a very, very, very demanding industry right now because it’s really like the Wild West.
Cold wallets are important
Storing cryptocurrencies offline has gained a special importance after the events around FTX. Investors are currently looking for ways to keep their money to themselves. On-chain data has revealed significant cash outflows from exchanges, with storage services like Trust Wallet emerging as big winners. As a result, the Trust Wallet Token (TWT) has soared to new heights due to interest. Behind the rally were tweets from Binance CEO CZ. cryptocoin.com We have given the details in this article.
The FTX crash was the market’s last high-profile event in 2022, marked by a series of scandals. In this regard, Belfort points out that more regulation is needed to reduce such incidents. On the other hand, he claimed that a regulated environment would probably be beneficial for Bitcoin (BTC):
Regulation is desperately needed, the SEC or someone needs to step in and bring at least some level of order to chaos. Even after doing that, it will still be scam. It is in every market.
Wall Street wolf talks about FTX and SBF
Belfort previously claimed that founder Sam Bankman-Fried was responsible for the FTX collapse. He said Bankman-Fried was responsible for the market crash. It is important to note that Belfort highlighted some of the strategies investors can use to get out of conditions due to the prolonged volatility of the crypto market.
Here are those cryptocurrencies he said never to sell
The former stockbroker advises investors not to panic and sell while focusing only on Bitcoin and Ethereum (ETH). Instead, he says, investments will take time, and it’s best to wait rather than sell during volatile periods.
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